Committee Reports
112th Congress (2011-2012)
House Report 112-425
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Table of Contents
Beginning
AMENDMENT
SECTION 1. SHORT TITLE.
SEC. 2. DEDUCTION FOR DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESSES.
`SEC. 200. DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESSES.
I. SUMMARY AND BACKGROUND
A. PURPOSE AND SUMMARY
B. BACKGROUND AND NEED FOR LEGISLATION
C. LEGISLATIVE HISTORY
II. EXPLANATION OF THE BILL
A. TWENTY-PERCENT DEDUCTION FOR DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESS (SEC. 2 OF THE BILL AND NEW SEC. 200...PRESENT LAW
TAX RATES FOR INDIVIDUALS
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
III. VOTES OF THE COMMITTEE
MOTION TO REPORT RECOMMENDATIONS
VOTES ON AMENDMENTS AND OTHER MOTIONS
IV. BUDGET EFFECTS OF THE BILL
A. COMMITTEE ESTIMATE OF BUDGETARY EFFECTS
B. STATEMENT REGARDING NEW BUDGET AUTHORITY AND TAX EXPENDITURES BUDGET AUTHORITY
C. COST ESTIMATE PREPARED BY THE CONGRESSIONAL BUDGET OFFICE
D. MACROECONOMIC IMPACT ANALYSIS
V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE HOUSE
A. COMMITTEE OVERSIGHT FINDINGS AND RECOMMENDATIONS
B. STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES
C. INFORMATION RELATING TO UNFUNDED MANDATES
D. APPLICABILITY OF HOUSE RULE XXI 5(B)
E. TAX COMPLEXITY ANALYSIS
COMMENTS FROM IRS AND TREASURY
COMPLEXITY ANALYSIS OF THE CONFERENCE REPORT ON H.R. 9, SMALL BUSINESS TAX CUT ACT
DEDUCTION FOR DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESSES
F. CONGRESSIONAL EARMARKS, LIMITED TAX BENEFITS, AND LIMITED TARIFF BENEFITS
VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED
INTERNAL REVENUE CODE OF 1986
Subtitle A--Income Taxes
CHAPTER 1--NORMAL TAXES AND SURTAXES
Subchapter A--Determination of Tax Liability
PART VI--ALTERNATIVE MINIMUM TAX
SEC. 56. ADJUSTMENTS IN COMPUTING ALTERNATIVE MINIMUM TAXABLE INCOME.
Subchapter B--Computation of Taxable Income
PART II--ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME
SEC. 86. SOCIAL SECURITY AND TIER 1 RAILROAD RETIREMENT BENEFITS.
PART III--ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME
SEC. 135. INCOME FROM UNITED STATES SAVINGS BONDS USED TO PAY HIGHER EDUCATION TUITION AND FEES.
SEC. 137. ADOPTION ASSISTANCE PROGRAM.
PART VI--ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS
SEC. 163. INTEREST.
SEC. 170. CHARITABLE, ETC., CONTRIBUTIONS AND GIFTS.
SEC. 172. NET OPERATING LOSS DEDUCTION.
SEC. 200. DOMESTIC BUSINESS INCOME OF QUALIFIED SMALL BUSINESSES.
PART VII--ADDITIONAL ITEMIZED DEDUCTIONS FOR INDIVIDUALS
SEC. 219. RETIREMENT SAVINGS.
SEC. 221. INTEREST ON EDUCATION LOANS.
SEC. 222. QUALIFIED TUITION AND RELATED EXPENSES.
PART VIII--SPECIAL DEDUCTIONS FOR CORPORATIONS
SEC. 246. RULES APPLYING TO DEDUCTIONS FOR DIVIDENDS RECEIVED.
Subchapter E--Accounting Periods and Methods of Accounting
PART II--METHODS OF ACCOUNTING
SUBPART C--TAXABLE YEAR FOR WHICH DEDUCTIONS TAKEN
SEC. 469. PASSIVE ACTIVITY LOSSES AND CREDITS LIMITED.
Subchapter I--Natural Resources
PART I--DEDUCTIONS
SEC. 613. PERCENTAGE DEPLETION.
SEC. 613A. LIMITATIONS ON PERCENTAGE DEPLETION IN CASE OF OIL AND GAS WELLS.
CHAPTER 2--TAX ON SELF-EMPLOYMENT INCOME
SEC. 1402. DEFINITIONS.
DISSENTING VIEWS
THE SMALL BUSINESS TAX CUT ACT
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